Nigeria’s electricity crisis fuels off-grid solar growth

Nigeria faces a severe electricity shortage, with about 87 million people lacking access to power in 2024, according to the World Bank. This has driven demand for decentralized energy solutions like off-grid solar systems, which provide electricity independently of the national grid.

Local banks key to solar expansion

Local banks are increasingly important in funding off-grid solar projects, as these systems require significant investment. Proparco, a French development finance institution, recently provided a 30 million USD credit line to Sterling Bank to support renewable energy and small businesses in Nigeria.

Sterling Bank receives funding for solar and agriculture

Sterling Bank will use 24 million USD from the credit line to finance off-grid solar solutions and 6 million USD for small and medium-sized agricultural enterprises. This follows a 13 million USD loan in March 2026 to support solar equipment purchases for homes and businesses.

Challenges in local financing for energy access

Despite progress, Nigeria’s renewable energy sector remains heavily reliant on foreign capital. The International Energy Agency highlights that this dependence hinders local business growth and underscores the need for more funding from domestic institutions.

AFD-BoI initiative boosts Nigerian creative industries

Separately, a 30 million USD initiative by the French Development Agency and the Bank of Industry aims to transform Nigeria’s creative industries into a major economic force. Nigeria is home to dynamic sectors like Nollywood, Afrobeats, and fashion.

SITARAIL supports artisans at Ouagadougou fair

SITARAIL launched the "Craftsmanship Train" to support Guiriko artisans at the 18th edition of the Ouagadougou International Craftsmanship Fair, highlighting efforts to promote traditional craftsmanship and innovation in West Africa.